Teletrack is a credit reporting agency that verifies information for lenders. Because payday lenders need to at least make sure applicants are who they say they are, “no Teletrack” lenders are often a marketing ploy. Similarly, lenders that claim “no Teletrack” and “no credit check” are likely too good to be true. To learn more about payday loans and Teletrack, see below.
What You Need to Know About Payday Loans and Teletrack
Payday loans are smaller loans (typically between $100 and $1,000) with high interest rates and a short repayment period. They are often used in emergency situations to cover things like medical expenses or car repairs. In most cases, the loan amount is due in full on your next payday.
Despite being relatively small loans, payday loans can still be quite dangerous. People often have trouble paying the loan amount back within the short repayment period, so the loan gets rolled over, meaning the repayment deadline is extended but not without incurring extra interest and fees.
Teletrack is a credit reporting agency that works specifically with payday lenders. Typically, payday lenders don’t really care if you have bad credit. Instead, it’s more important that your personal information is accurate and that you have a regular source of income. So, lenders that offer “no credit check” payday loans will often use Teletrack instead. Teletrack verifies information like your Social Security number and other personal data.
Where to Get a Direct Lender Payday Loan (No Teletrack)
Most people look for “no Teletrack” loans for the same reason they look for “no credit check” loans — they are worried about qualifying for a loan based on personal data and/or credit history. While there are payday lenders that advertise as “no Teletrack” lenders, they still must verify your information somehow. These lenders will often still use Telectrack but are more likely to work with people with bad credit. Or they may use a different credit reporting agency, such as one of the big three: Equifax, TransUnion, or Experian. Keep in mind, lenders that rely on major credit reporting agencies tend to have stricter criteria than those that use Telecheck.
There are also many suspicious websites claiming to offer “no Teletrack” guaranteed payday loans. We tried to contact a few of these online lenders — like ReadyPaydayLoan.com and WithNoTeletrack.com — and were not able to speak to a customer service representative. The companies we contacted also are not rated by the Better Business Bureau and don’t have legitimate customer reviews anywhere else online. Watch out for these online lenders and be sure to do your research before agreeing to the terms of any loan.
Many payday lenders — direct lenders and online lenders — will still approve you for a loan even if your Teletrack report or other credit report is poor. We called a number of lenders to confirm that they would approve at least a small payday loan regardless of past debts. These lenders include:
“No Teletrack” payday lenders still need to verify your data somehow. And those that don’t are likely too good to be true. No Teletrack payday loans are mystical for a reason. Some payday lenders will approve you for at least a small payday loan regardless of a poor Teletrack report. These include: AmeriCash Loans, Check ‘n Go, and USA Payday Loans.
For some options of payday loans that may meet your needs, see our article: Payday Loans Online: No Credit Check, Direct Lender Options Listed. We also have information about 1-hour Payday Loans and Faxless Payday Loans.